Slovenia: publishes proposal for amendments to the corporate income tax law
Recently, the government published several proposals for amendments to the individual and corporate income tax laws with the aim of balancing the tax burden between companies and individuals. According to the proposals, the corporate income tax
See MoreIndia: Central Board of Direct Taxes issues draft rules concerning foreign tax credit
India’s Central Board of Direct Taxes (CBDT) issued the draft rules: F. No. 142/24/2015-TPL, concerning the foreign tax credit and specifying the procedure for granting relief for income taxes paid in another country of foreign territory. As per
See MoreRussia: Draft law on CbC reporting requirements issued for public consultation
The Russian Finance Ministry has issued a draft law regarding the introduction of country-by-country (CbC) reporting in Russia on 8 April 2016. The CbC reporting requirements would apply only to international groups whose aggregate revenue according
See MoreFinland: Parliament amendments the law in respect of tax collection and tax procedures
The Government of Finland proposed an amendment of law regarding tax collection and tax procedures. The law was presented in Finish Parliament on March 17, 2016. Reduce administrative burden and simply tax procedures are the main objective of the
See MoreCanada: Proposal regarding CbC reporting in Budget 2016
Canadian Budget for 2016 proposes new legislation to strengthen transfer pricing documentation by introducing country-by-country reporting for large MNEs. The new transfer pricing documentation rules will follow the base erosion and profit shifting
See MoreTurkey: Draft communiqué on transfer pricing documentation, country-by-country reporting
The revenue administration of Turkey has issued a draft communiqué on 16th March 2016 that would introduce new transfer pricing documentation rules that generally follow the base erosion and profit shifting (BEPS) Action 13 recommendations and
See MoreLuxembourg: Proposed 2017 tax reform measures
The government of Luxembourg released an outline of the proposals on 29 February 2016 for tax reform in 2017. The gradual introduction of the Organisation for Economic Co-operation and Development recommendations made in the framework of the Base
See MoreIndia: Finance Minister releases 2016 -2017 Budget
The Finance Minister of India presented Budget for 2016-17 to the Parliament on 29 February 2016. The main changes of the Indian budget for 2016/17 are summarized below: Corporate income tax: - No change in the corporate tax rate except for new
See MoreBangladesh: NBR drafts new income tax law
The National Board of Revenue (NBR) of Bangladesh has drafted a new income tax law that seeks to keep corporate tax rates equal for all companies and narrow down the list of tax breaks and exemptions. The drafted new law is expected to replace the
See MoreIndia: CBDT issues draft guidelines for determination of a company’s place of effective management
India's Central Board of Direct Taxes (CBDT) has issued draft guiding principles for determining if a company is a resident in India or has its place of effective management in India. The Finance Act 2015 amended the provisions of section 6(3) of
See MoreRussia: Draft amendments to CFC rules
A draft of Federal Law No. 953192-6 regarding the СFC provisions was submitted to the lower chamber of the parliament on 14th December 2015. The CFC provisions were first provided by the Tax Code and Federal Law No. 376-FZ of 24 November 2014. The
See MoreChile: Legislation intended to simplify provisions of tax reform 2014
The Government of Chile has sent to Congress a bill on 15th December 2015 that would make changes to the tax reform legislation enacted in 2014. The current legislative proposal is planned to simplify certain aspects of the tax reform 2014. It is
See MoreLithuania: Changes to various tax laws
Draft amendments to various tax laws were approved by the parliament in the first reading on 17 November 2015. If adopted by the parliament in the final reading, the amendments will enter into force from January 2016. The modifications are
See MoreIsrael: Draft amendment to the ITO published for public comments
The Finance Ministry has published a draft amendment to the Income Tax Ordinance (ITO) on 22nd November 2015 for public comments. It provides a reduction of the corporate income tax rate from 26.5% to 25% as from 2016. The deadline for public
See MoreNigeria: Implications of BEPS proposals
The Federal Inland Revenue Service (FIRS) has incorporated into its tax audit procedures certain of the recommendations included in the OECD’s base erosion and profit shifting (BEPS) project. For instance, the tax authority is scrutinizing
See MoreCzech Republic: Amendment to law on international cooperation in tax administration
The Government has submitted a bill to the Parliament on 10th November 2015 regarding changes to the law on international cooperation in tax administration. The Bill must be accepted by both chambers of the parliament and signed into law by the
See MoreRussia: A draft order regarding tax exchange information published
The Federal Tax Service (FTS) has released a draft order on 26th October 2015 that contains a list (in Russian) of countries and territories which do not exchange tax information with Russia for discussion purposes. According to article 25.13-1 of
See MoreBulgaria: Draft bill to amend tax laws for 2016
The Council of Ministers has approved the bill for amendments to tax laws for 2016 and submitted the draft on 13th October 2015 to the parliament for consideration. The major improvements are as follows: Dividend withholding tax: Implementation of
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